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The dollar is recovering after the fall

August, 29 2024
watermark Economic news

On Thursday, the US dollar recovered from its recent fall, rebounding from a 13-month low. The dollar index, which tracks the USD exchange rate against a basket of six other currencies, rose 0.2% to 101.182.


The recovery of the exchange rate is associated with an increase in demand for the dollar as a "safe currency" amid worsening geopolitical problems in the Middle East, as well as concerns about the resumption of trade disputes between China and the West.


However, the dollar is still under pressure due to the expected reduction in US interest rates next month. In August, the dollar fell by about 2.9%, which was the sharpest drop in the last nine months.


Preliminary GDP data showed the resilience of the American economy, fueling hopes for a soft landing. But the latest data also revealed a weakening of the labor market.


Data on the PCE price index, which is the Fed's preferred measure of inflation, will be released on Friday and is likely to affect interest rate forecasts.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.